DTE Electric to redeem 5.4%, 5.25% notes with new offering proceeds

By Tali Rackner

Norfolk, Va., June 23 – DTE Electric Co. intends to repay $200 million of its 5.4% senior notes due Aug. 1, 2014 and $60 million of its 5.25% senior notes due Aug. 1, 2029 with the proceeds from new general and refunding mortgage bond offerings, according to a 424B5 filing with the Securities and Exchange Commission.

The notes are optionally redeemable on Aug. 1.

Proceeds will also be used for the repayment of short-term borrowings, which have an average interest rate of 0.2% and maturities less than 30 days.

The electric utility is based in Detroit.

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